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Bentley Systems

Logo: Bentley Systems, Public domain, via Wikimedia Commons5

American software development

Bentley Systems, Incorporated is a US-based software development company that develops, manufactures, licenses, sells and supports computer software and services for the design, construction, and operation of infrastructure globally. The company's software serves the building, plant, civil, and geospatial markets in the areas of architecture, engineering, construction (AEC) and operations.3 It employed 2,700 people.1 Its shares trade on Nasdaq under the symbol BSY.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

$1.5BRevenue, fiscal 20256
$277.9MNet income, fiscal 20256
1984Founded1

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  • TickerBSY on Nasdaq1
  • Industrysoftware industry1
  • HeadquartersExton1
  • Websitewww.bentley.com
  • Incorporated inDE7
  • Business address685 Stockton Drive, Exton, Pa 193417
  • Filer categoryLarge accelerated filer7
  • Legal formCorporation4
  • LEI549300WVEHPGE0Z56F714
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 21194464

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Bentley-hq
Photo: CC BY 4.0, via Wikimedia Commons10

Bentley Systems, Incorporated is a US-based software development company that develops, manufactures, licenses, sells and supports computer software and services for the design, construction, and operation of infrastructure globally. The company's software serves the building, plant, civil, and geospatial markets in the areas of architecture, engineering, construction (AEC) and operations. Their software products are used to design, engineer, build, and operate large constructed assets such as roadways, railways, bridges, buildings, industrial plants, power plants, and utility networks.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

81.5%Gross margin6
24.1%Operating margin6
18.5%Net margin6
11.0%Revenue growth, 20256
23.4%Return on equity6
1.05×Debt to equity6
$520.2MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Term Licenses brought in 26% of the revenue Bentley Systems broke down this way in fiscal 2025.

  1. Term Licenses$731.2M626%up 15% from 2024
  2. Enterprise License Subscriptions$623.1M622%up 17% from 2024
  3. Enterprise License Subscriptions, E365 Subscriptions$614.3M622%up 19% from 2024
  4. Term License Subscriptions$486.4M617%up 12% from 2024
  5. SELECT Subscriptions$267.2M69%up 3% from 2024
  6. Professional Services, Other$64.2M62%down 7% from 2024
  7. Perpetual Licenses$46.2M62%up 0% from 2024
  8. Professional Services, Recurring$14.7M61%up 0% from 2024
Products and services by year
Products and services202320242025
Term Licenses$546.7M$633.9M$731.2M
Enterprise License Subscriptions$433.3M$530.4M$623.1M
Enterprise License Subscriptions, E365 Subscriptions$411.0M$518.0M$614.3M
Term License Subscriptions$388.7M$434.5M$486.4M
SELECT Subscriptions$258.3M$258.5M$267.2M
Professional Services, Other$85.7M$69.1M$64.2M
Perpetual Licenses$46.0M$46.0M$46.2M
Professional Services, Recurring$16.4M$14.6M$14.7M

Regions

United States, Canada, And Latin America brought in 37% of the revenue Bentley Systems broke down this way in fiscal 2025.

  1. United States, Canada, And Latin America$790.5M637%up 10% from 2024
  2. United States$620.4M629%up 10% from 2024
  3. EMEA$436.8M621%up 12% from 2024
  4. Asia Pacific$274.5M613%up 11% from 2024
Regions by year
Regions202320242025
United States, Canada, And Latin America$650.9M$717.0M$790.5M
United States$511.8M$561.7M$620.4M
EMEA$353.6M$388.4M$436.8M
Asia Pacific$223.9M$247.7M$274.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue18¢$277.5M
  • Research and development20¢$307.6M
  • Other costs38¢$565.8M
  • Income tax5¢$73.0M
  • Profit19¢$277.9M

Out of $1.5B in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Capital spending3¢$18.3M
  • Dividends paid16¢$85.0M
  • Share buybacks23¢$125.1M
  • Kept or used elsewhere58¢$310.2M

Out of $538.5M of cash from operations.6

Financial statements

Revenue11121314156$1.5B in 2025+117% since 2018
0$500.0M$1.0B$1.5B$2.0B2018: $691.7M$691.7M20182019: $736.7M$736.7M2019+6%2020: $801.5M$801.5M2020+9%2021: $965.0M$965.0M2021+20%2022: $1.1B$1.1B2022+14%2023: $1.2B$1.2B2023+12%2024: $1.4B$1.4B2024+10%2025: $1.5B$1.5B2025+11%
Gross profit11121314156$1.2B in 2025+118% since 2018
0$500.0M$1.0B$1.5B2018: $560.4M$560.4M20182019: $592.5M$592.5M2019+6%2020: $634.4M$634.4M2020+7%2021: $748.5M$748.5M2021+18%2022: $862.1M$862.1M2022+15%2023: $962.3M$962.3M2023+12%2024: $1.1B$1.1B2024+14%2025: $1.2B$1.2B2025+12%
Operating income11121314156$362.6M in 2025+199% since 2018
0$100.0M$200.0M$300.0M$400.0M2018: $121.4M$121.4M20182019: $141.9M$141.9M2019+17%2020: $150.2M$150.2M2020+6%2021: $94.6M$94.6M2021−37%2022: $208.6M$208.6M2022+121%2023: $230.5M$230.5M2023+11%2024: $302.1M$302.1M2024+31%2025: $362.6M$362.6M2025+20%
Net income11121314156$277.9M in 2025+96% since 2018
0$100.0M$200.0M$300.0M$400.0M2018: $142.1M$142.1M20182019: $103.1M$103.1M2019−27%2020: $126.5M$126.5M2020+23%2021: $93.2M$93.2M2021−26%2022: $174.8M$174.8M2022+88%2023: $326.8M$326.8M2023+87%2024: $234.8M$234.8M2024−28%2025: $277.9M$277.9M2025+18%

Every line of the income statement as filed: the last 3 fiscal years, latest first.6

Period ending2025-12-312024-12-312023-12-31
Total revenues$1.5B$1.4B$1.2B
Total cost of revenues$277.5M$257.8M$266.1M
Gross profit$1.2B$1.1B$962.3M
Research and development$307.6M$281.2M$274.6M
Selling and marketing$289.5M$255.2M$224.3M
General and administrative$217.3M$210.4M$180.7M
Deferred compensation plan$14.4M$12.4M$13.6M
Amortization of purchased intangibles$32.8M$34.0M$38.5M
Total operating expenses$861.6M$793.2M$731.8M
Income from operations$362.6M$302.1M$230.5M
Interest expense, net-$12.4M-$22.0M-$39.8M
Other income (expense), net$547.0K$12.9M-$7.2M
Income before income taxes$350.7M$293.1M$183.5M
(Provision) benefit for income taxes-$73.0M-$58.7M$143.2M
Equity in net income of investees, net of tax$38.0K$104.0K$19.0K
Net income$277.8M$234.4M$326.8M
Less: Net income (loss) attributable to noncontrolling interest-$67.0K-$354.0K$0
Net income attributable to Bentley Systems$277.9M$234.8M$326.8M
Basic (USD per share)$0.88$0.75$1.05
Diluted (USD per share)$0.85$0.72$1.00
Basic (in shares)314.7M shares314.9M shares312.4M shares
Diluted (in shares)333.1M shares333.8M shares332.5M shares

Compare Bentley Systems with another company

Corporate structure

Bentley Systems sits at the top of its group. 81 entities, 44 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Bentley Systems

  • BlackRock Filed SCHEDULE 13G/A on Bentley Systems, latest Jul 27, 2026 (4 filings since Jan 31, 2024)
  • Corinne Patricia Bentley Filed SCHEDULE 13G/A on Bentley Systems, latest May 15, 2026 (3 filings since Feb 13, 2024)
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Bentley Systems, latest Mar 26, 2026 (6 filings since Feb 9, 2022)
  • KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC Filed SCHEDULE 13G/A on Bentley Systems, latest Feb 13, 2026 (2 filings since Nov 13, 2024)
  • Gregory S. Bentley 2009 Gift Trust Filed SCHEDULE 13G/A on Bentley Systems, latest Aug 12, 2025 (3 filings since Jun 23, 2023)
  • Richard P. Bentley Filed SCHEDULE 13G/A on Bentley Systems, latest Feb 5, 2025 (4 filings since Feb 14, 2022)
  • Bentley Marie T. Verdugo Filed SC 13G on Bentley Systems, latest Feb 13, 2024
  • SPT Invest Management Sarl Filed SC 13G/A on Bentley Systems, latest Feb 14, 2023 (2 filings since Feb 10, 2022)
  • Bentley Systems Exton, Pennsylvania, United States
    • AarhusGeosoftware ApS Subsidiary · Denmark
    • ARGOS.IO PTY LTD Subsidiary · Australia
    • Bentley Canada Inc. Subsidiary · Canada
    • Bentley Engineering Software Systems (Shanghai) Co. Ltd. Subsidiary · China
    • Bentley Engineering Software Systems (Shanghai) Co. Ltd. - Dalian Branch Subsidiary · China
    • Bentley Engineering Software Systems (Shanghai) Co., Limited - Xi’an Branch Subsidiary · China
    • Bentley Engineering Software Systems (Shanghai) Co., Ltd. - Beijing Branch Subsidiary · China
    • Bentley Software International, Ltd. Subsidiary · Ireland
    • Bentley Software Solutions Philippines Inc. Subsidiary · Philippines
    • Bentley Systems (Beijing) Co., Ltd Subsidiary · China
    • Bentley Systems (Beijing) Co., Ltd - Guangzhou Branch Subsidiary · China
    • Bentley Systems (Malaysia) Sdn. Bhd. Subsidiary · Malaysia
    • Bentley Systems (New Zealand) Limited Subsidiary · New Zealand
    • Bentley Systems (UK) Ltd Subsidiary · United Kingdom
    • Bentley Systems (United Kingdom) Subsidiary · United Kingdom
    • Bentley Systems Brasil Ltda. Subsidiary · Brazil
    • Bentley Systems CR s.r.o. Subsidiary · Czechia
    • Bentley Systems de Mexico SA de CV Subsidiary · Mexico
    • Bentley Systems Europe B.V. Subsidiary · Netherlands
    • Bentley Systems Europe B.V. Filialas Subsidiary · Lithuania
    • Bentley Systems Finland Oy Subsidiary · Finland
    • Bentley Systems France S.a.r.l. Subsidiary · France
    • Bentley Systems Germany GmbH Subsidiary · Germany
    • Bentley Systems Hong Kong Ltd. Subsidiary · Hong Kong
    • Bentley Systems Iberica S.A. Subsidiary · Spain
    • and 55 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Bentley Systems reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Operating-lease assets (leased space)$31.1M6 Dec 31, 2025$32.3M6 Dec 31, 2024−3.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$123.3M6 Dec 31, 2025$64.0M6 Dec 31, 2024+92.6%
Stakes in other companies (equity method)$2.6M6 Dec 31, 2025$2.5M6 Dec 31, 2024+5.9%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$2.5B6 Dec 31, 2025$2.4B6 Dec 31, 2024+4.9%
Intangible assets, net (excluding goodwill)$193.0M6 Dec 31, 2025$214.0M6 Dec 31, 2024−9.8%
Finite-lived intangibles, gross$498.9M6 Dec 31, 2025$476.7M6 Dec 31, 2024+4.7%
Accumulated amortization$305.9M6 Dec 31, 2025$262.8M6 Dec 31, 2024+16.4%
Finite-lived intangibles, net$193.0M6 Dec 31, 2025$214.0M6 Dec 31, 2024−9.8%

Properties, in its own words

We own our corporate headquarters, which is located in Exton, Pennsylvania. Our headquarters accommodates our principal software engineering, sales, marketing professional services, and administrative activities. In addition to our headquarters, we own one other location in India, which is used for product development and technical support. We lease facilities in 96 locations in the U.S. and internationally through our foreign subsidiaries.

We believe our properties are in good operating condition and are suitable and adequate for our business operations.

Item 2 of the 10-K filed Feb 26, 2026.19

The story

Keith A. Bentley and Barry J. Bentley founded Bentley Systems in 1984. In an interview with trade publication Geo Week News, Keith Bentley recounted how he had previously developed CAD software while working as a programmer at DuPont. After retaining rights to this software, he joined his brother Barry's chemistry software startup, and they later pivoted to the CAD software market. Their brothers Greg, Scott, and Ray later joined the company, which relocated to Pennsylvania.

They introduced the commercial version of PseudoStation in 1985, which allowed users of Intergraph's VAX systems to use low-cost graphics terminals to view and modify the designs on their Intergraph IGDS (Interactive Graphics Design System) installations. An MS-DOS version of MicroStation was introduced in 1986.

In April 2002, Bentley filed for an initial public offering, but it was withdrawn before taking effect. In November 2016, German-based Siemens announced it would pay about $76 million for a minority stake in Bentley, as well as invest in developing joint software with it.

In September 2020, Bentley Systems set terms of its IPO valuing the company at about $4.96 billion. The company would offer 10.75 million shares priced between $17 and $19 per share.

In 2023, the company reported that its annual 2022 revenue exceeded $1 billion.

Also in 2023, Keith Bentley retired from his Chief Technology role, and Greg Bentley retired in March 2024. In July 2024, Chief Operating Officer Nicholas Cumins became the first non-family member to lead the company as CEO.

From Wikipedia’s article on Bentley Systems, shared under CC BY-SA 4.0.8

Leadership

Who has led Bentley Systems, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Nicholas Cumins2024–now

Chief financial officer

  1. Andre Werner2022–now

Chief operating officer

  1. Nicholas Cumins2022–2024
1990200020102020
Board members and other officers (17)

Products and brands

Products

Bentley Systems sells software for infrastructure modeling, simulation, construction, operations, and analytics. The company's Seequent subsidiary sells geological and geophysical modeling and analysis software. Principle offerings include:

Engineering and simulation applications

MicroStation is computer-aided design (CAD) software used in infrastructure projects. It provides tools for drafting, modeling, and visualization. The platform includes features for referencing external files, conducting design reviews, and integrating geospatial data. The company also provides Open applications for modelling and simulation based on MicroStation technology, designed to support workflows across infrastructure sectors. Modeling applications include:

OpenRoads - for transportation infrastructure design

OpenRail - for railway design

Read the full text

OpenBridge Designer - for bridge design

OpenBuildings Designer, including Openbuildings Station Designer - for architectural and building design

OpenFlows Flood - for hydraulic and hydrologic modeling, analysis, design & operation

OpenPlant - for process plant design and operations

OpenUtilities - for electrical systems and substations design

OpenSite Designer - for modeling and analysis of site design project

Open simulation applications include:

STAAD - structural analysis and design software

AutoPipe - pipe stress analysis software

Power Line Systems (PLS) - for analysis and simulation of overhead electric power transmission lines and their structures

Bentley Infrastructure Cloud

Bentley Infrastructure Cloud is an integrated online application that combines ProjectWise software for project delivery, SYNCHRO for construction management, and AssetWise for asset operations. It provides a unified data environment to improve collaboration.

ProjectWise is information management software used to manage CAD, BIM, geospatial and project data from a variety of vendors. AssetWise is asset lifecycle information management (ALIM) software used to manage project assets including documents, tags, associated metadata, and 3D models. The company's SYNCHRO software is used for 4D construction planning, scheduling, and productivity tracking, for teams on construction sites and in the office.

Asset Analytics

Bentley's Asset Analytics portfolio applies artificial intelligence and digital twin workflows to improve infrastructure monitoring and maintenance. The product integrates data captured with physical devices such as IoT sensors, drones, and dashcams, with digital twins to create a comprehensive view of infrastructure such as bridges, dams, and large transportation networks.

The portfolio includes Blyncsy, AI-powered software that analyzes roadway conditions using image date and machine learning.

Seequent

Bentley's Seequent subsidiary develops and sells 3D modeling and analysis software for the geosciences, mining, civil engineering, and energy industries. Seequent's portfolio includes Leapfrog for 3D geological modeling and visualization, GeoStudio for geotechnical and geoenvironmental analysis, and Geosoft for 3D earth modeling and geoscience data management. Seequent's Evo cloud platform integrates geoscience data from Seequent and third-party applications into one platform.

iTwin Platform

Bentley's iTwin Platform is a cloud-native platform designed to enable digital twin workflows for infrastructure. Digital twins representations allow customers to simulate physical assets such as roads, bridges, and buildings, while integrating engineering models, geospatial data, and enterprise information.

The iTwin platform integrates with 3D Tiles, through Bentley's acquisition of Cesium, the creator of the 3D Tiles community standard. This allows developers to combine 3D geospatial data with digital asset data to create scalable digital twins.

Cesium

Bentley Systems Cesium software is an open platform for building 3D geospatial applications. Cesium also created the 3D Tiles community standard, an Open Geospatial Consortium (OGC) standard for streaming large 3D data sets.

In 2025, Bentley started integrating its iTwin Platform with Cesium, beginning with adding iTwin Capture reality modeling services to Cesium. The company also announced 3D tile integration with its MicroStation product.

Operations

Bentley is headquartered in Exton, Pennsylvania. Nicholas Cumins is the company's CEO. The company reports 5,800 employees in 45 countries, and in 2025 reported $1.5 Billion in revenue in 189 countries.

From Wikipedia’s article on Bentley Systems, shared under CC BY-SA 4.0.8

Subsidiaries and ownership

Subsidiaries

  • Bentley Systems (United Kingdom)
  • Seequent since 2021

Subsidiaries (Exhibit 21)

  • ARGOS.IO PTY LTD Australia9
  • AarhusGeosoftware ApS Denmark9
  • BSI Holding GmbH Austria9
  • BSI Holdings B.V. The Netherlands9
  • BSI Holdings Pty. Ltd. Australia9
  • BSI International Holdings Coöperatief U.A. The Netherlands9
  • Bentley Canada Inc. Canada9
  • Bentley Engineering Software Systems (Shanghai) Co. Ltd. China9
  • Bentley Engineering Software Systems (Shanghai) Co. Ltd. - Dalian Branch China9
  • Bentley Engineering Software Systems (Shanghai) Co., Limited - Xi’an Branch China9
  • Bentley Engineering Software Systems (Shanghai) Co., Ltd. - Beijing Branch China9
  • Bentley Software International, Ltd. Ireland9
  • Bentley Software Solutions Philippines Inc. Philippines9
  • Bentley Systems (Beijing) Co., Ltd China9
  • Bentley Systems (Beijing) Co., Ltd - Guangzhou Branch China9
  • Bentley Systems (Malaysia) Sdn. Bhd. Malaysia9
  • Bentley Systems (New Zealand) Limited New Zealand9
  • Bentley Systems (UK) Ltd United Kingdom9
  • Bentley Systems AG Switzerland9
  • Bentley Systems Brasil Ltda. Brazil9
  • Bentley Systems CR s.r.o. Czech Republic9
  • Bentley Systems Europe B.V. The Netherlands9
  • Bentley Systems Europe B.V. Filialas Lithuania9
  • Bentley Systems Finland Oy Finland9
All 83 listed subsidiaries
  • Bentley Systems France S.a.r.l. France9
  • Bentley Systems Germany GmbH Germany9
  • Bentley Systems Hong Kong Ltd. Hong Kong9
  • Bentley Systems Iberica S.A. Spain9
  • Bentley Systems Iceland ehf. Iceland9
  • Bentley Systems India Private Limited India9
  • Bentley Systems International Limited Ireland9
  • Bentley Systems International Limited - Portuguese Branch Portugal9
  • Bentley Systems International Limited - Saudi Branch Saudi Arabia9
  • Bentley Systems International Limited - Slovakia Branch Slovakia9
  • Bentley Systems Italia S.r.l. Italy9
  • Bentley Systems Kazakhstan LLP Kazakhstan9
  • Bentley Systems LLC Japan9
  • Bentley Systems Netherlands B.V. The Netherlands9
  • Bentley Systems Pakistan (Pvt.) Ltd. Pakistan9
  • Bentley Systems Polska Sp z o.o. Poland9
  • Bentley Systems Pty. Ltd. Australia9
  • Bentley Systems Romania S.R.L. Romania9
  • Bentley Systems Russia (OOO) Russia9
  • Bentley Systems Scandinavia ApS Denmark9
  • Bentley Systems Scandinavia NUF Norway9
  • Bentley Systems Singapore Pte. Ltd. Singapore9
  • Bentley Systems Software Solutions LLC Turkey (Bentley Systems Yazılım Çözümleri Limited Şirketi) Turkey9
  • Bentley Systems Solutions Belgium9
  • Bentley Systems South Africa (Pty) Ltd. South Africa9
  • Bentley Systems Sweden AB Sweden9
  • Bentley Systems de Mexico SA de CV Mexico9
  • Bentley Systems, Incorporated, Taiwan Taiwan9
  • Cadventure International Limited Ireland9
  • Cadventure Limited United Kingdom9
  • Cohesive Africa Holdings Proprietary Limited South Africa9
  • Cohesive Australia Pty Ltd Australia9
  • Cohesive Brasil LTDA. Brazil9
  • Cohesive Canada Ltd. Canada9
  • Cohesive Netherlands B.V. The Netherlands9
  • Cohesive Netherlands Holdings B.V. The Netherlands9
  • Cohesive Polska Sp z o.o. Poland9
  • Cohesive Sonata Proprietary Limited Botswana9
  • Cohesive South Africa (Pty) Ltd. South Africa9
  • Cohesive South Africa Holdings South Africa9
  • Cohesive Spain, S.L. Spain9
  • Cohesive UK Group Limited United Kingdom9
  • Cohesive Ukraine Ukraine9
  • E-ON Software SARL France9
  • E7 Pty Ltd Australia9
  • Ennova Pty Ltd Australia9
  • Geosoft Africa (Pty) Limited South Africa9
  • Oxplus B.V. The Netherlands9
  • PT Cohesive Indonesia Group Indonesia9
  • Plaxinvest BV The Netherlands9
  • Plaxis bv The Netherlands9
  • QG Australia Pty Limited Australia9
  • Seequent Australia Pty Limited Australia9
  • Seequent Chile SpA Chile9
  • Seequent Holdings New Zealand Limited New Zealand9
  • Seequent Holdings ULC New Zealand9
  • Seequent Peru S.A.C Peru9
  • Seequent South Africa Pty Limited South Africa9
  • Seequent ULC New Zealand9

From Wikidata.1 The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Acquisitions

  1. 2021Seequent became a subsidiary1

On June 18, 1997, Bentley acquired IdeaGraphix, a developer of MicroStation-based application software for architecture, engineering, and facilities management. On January 15, 1998, Bentley acquired Jacobus. On January 2, 2001, Bentley acquired Intergraph's civil engineering, plot-services and raster conversion software businesses. On October 17, 2001, Bentley Systems bought Geopak design software for road and rail infrastructure.

Bentley Systems acquired Rebis in 2003, Infrasoft Corporation in 2003, Haestad Methods, Inc. in 2004, and then agreed to acquire netGuru's Research Engineers International (REI) business which included its STAAD structural analysis and design product line on August 31, 2005. Bentley acquired GEF-RIS AG in 2006, KIWI Software in 2007, C.W. Beilfuss and Associates in 2007, and TDV GmbH, an analysis and design software provider for bridge engineering, in May 2007.

In early 2008, Bentley acquired Hevacomp, Ltd., LEAP Software, Inc., the promis•e product line from ECT International, and Common Point for mainstream construction simulation.

On October 13, 2009, Bentley added geotechnical and geoenvironmental capabilities with the acquisition of gINT Software. On February 9, 2010, Bentley Systems announced two acquisitions: Exor Corporation and Enterprise Informatics. On March 2, 2011, Bentley Systems acquired SACS software for offshore structural analysis from Engineering Dynamics, Inc. Also in 2011, Bentley acquired FormSys and Pointools Ltd., a British developer of point-cloud software technology.

Read the full text

In 2012, Bentley acquired the elcoSystem software business of Hannappel Software, as well as InspectTech Systems, USA, a provider of field inspection applications and asset management services for bridges and other transportation assets. Also that year it acquired Canadian-based Ivara, the Microprotol pressure vessel design and analysis software from EuResearch, and SpecWave. In 2013, Bentley acquired topoGRAPH, a provider of surveying software, as well as the MOSES software business from Ultramarine. On February 25, 2014, Bentley acquired DocQnet Systems’ eB Services BizDocQnet Systems. Later that year, it acquired SITEOPS, optimization software for enhanced land development site design, from Blueridge Analytics. Bentley acquired C3global for predictive modeling in 2015, and also that year acquired Acute3D, and the reality modeling creator e-on.

In 2016, Bentley acquired the progressive assurance platform ComplyPro from UK-based ComplyServe.

On January 23, 2018, Bentley acquired S-Cube Futuretech Pvt Ltd. to expand its offerings specific to the concrete engineering design and documentation software users in India, Southeast Asia, and the Middle East. On April 26, 2018, Bentley acquired Dutch geotechnical modelling company Plaxis B.V. On July 15, 2018, Bentley acquired Canadian geotechnical modeling company SOILVISION Systems Ltd. in order to enhance its 3D geotechnical offerings. Also in 2018, the company acquired Synchro, Agency9, LEGION, ACE enterprise Slovakia, and Alworx.

In 2019, Bentley acquired SignCAD Systems, Keynetix, and Citilabs, Inc. & Orbit GeoSpatial Technologies.

In 2020, Bentley acquired UK based consultancy Professional Construction Strategies Group (PCSG), and SRO Solutions.

In 2021, Bentley acquired Ontracks Consulting, INRO Software, SPIDA Software, and Seequent Holdings Limited, and in 2022 acquisitions included Power Line Systems, ADINA R&D, Inc., and Eagle.io.

In 2023, Bentley acquired Salt Lake City, Utah-based Blyncsy, a provider of breakthrough artificial intelligence services for departments of transportation to support operations and maintenance activities. In September 2024, Bentley announced the acquisition of Cesium GS, Inc., a provider of 3D geospatial software applications and platforms.

In January 2026, Bentley announced the acquisitions of Talon Aerolytics, a provider of products for site surveys, inspections, and asset digitation; and the acquisition of technology assets from Pontivo, including AI-driven inventory and damage detection technology, drone technology and geolocation capabilities.

From Wikipedia’s article on Bentley Systems, shared under CC BY-SA 4.0.8

Timeline

  1. Sep 11, 20268-K Other events37
  2. Aug 6, 20268-K Results of operations38
  3. May 26, 20268-K Shareholder vote; Other events39
  4. May 7, 20268-K Results of operations40
  5. Apr 27, 20268-K Entered a material agreement; New debt or obligation41
  6. Feb 26, 20268-K Results of operations; Other events42
  7. Nov 21, 20258-K Other events43
  8. Nov 5, 20258-K Results of operations44
  9. Oct 14, 20258-K Other events45
  10. Sep 12, 20258-K Other events46
  11. Aug 6, 20258-K Results of operations47
  12. May 27, 20258-K Shareholder vote; Other events48
  13. Sep 30, 2024New chief executive Nicholas Cumins becomes CEO20
  14. 1984Founded Founded1

Calendar

Coming up

  1. Nov 5, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $0.22 a share, on Nov 5, 2025.49

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results38
  2. May 7, 2026Reported quarterly or annual results40
  3. Feb 26, 2026Reported quarterly or annual results42
  4. Nov 5, 2025Reported quarterly or annual results44
  5. Aug 6, 2025Reported quarterly or annual results47
  6. May 7, 2025Reported quarterly or annual results50
  7. Feb 26, 2025Reported quarterly or annual results51
  8. Nov 7, 2024Reported quarterly or annual results52

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

727 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 52 major events, 544 insider forms, 25 large holders, 86 other. The latest 20:

  1. Oct 1, 20264 OWNERSHIP DOCUMENT EDGAR
  2. Oct 1, 20264 OWNERSHIP DOCUMENT EDGAR
  3. Oct 1, 20264 OWNERSHIP DOCUMENT EDGAR
  4. Oct 1, 20264 OWNERSHIP DOCUMENT EDGAR
  5. Oct 1, 20264 OWNERSHIP DOCUMENT EDGAR
  6. Oct 1, 20264 OWNERSHIP DOCUMENT EDGAR
  7. Oct 1, 20264 OWNERSHIP DOCUMENT EDGAR
  8. Oct 1, 20264 OWNERSHIP DOCUMENT EDGAR
  9. Oct 1, 20264 OWNERSHIP DOCUMENT EDGAR
  10. Oct 1, 20264 OWNERSHIP DOCUMENT EDGAR
  11. Oct 1, 20264 OWNERSHIP DOCUMENT EDGAR
  12. Oct 1, 20264 OWNERSHIP DOCUMENT EDGAR
  13. Sep 17, 20263 OWNERSHIP DOCUMENT EDGAR
  14. Sep 11, 20268-K EDGAR
  15. Sep 2, 20264 OWNERSHIP DOCUMENT EDGAR
  16. Aug 31, 20264 OWNERSHIP DOCUMENT EDGAR
  17. Aug 27, 2026144 EDGAR
  18. Aug 14, 20264 OWNERSHIP DOCUMENT EDGAR
  19. Aug 6, 202610-Q EDGAR
  20. Aug 6, 20268-K EDGAR

The 727 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

102 open-market trades by officers, directors and large owners since October 2021: 2 buys and 100 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 10, 2026BENTLEY GREGORY SExecutive Chair & PresidentSale100$40.01$4.0KForm 4
Nov 17, 2025Trimback Thomas FChief Accounting OfficerSale560$43.02$24.1KForm 4
Sep 2, 2025BENTLEY GREGORY SExecutive Chair & PresidentSale37,160$54.83$2.0MForm 4
Jul 29, 2025Shaman David R.Chief Legal OfficerSale400$59.25$23.7KForm 4
Jul 14, 2025Shaman David R.Chief Legal OfficerSale19,348$56.96$1.1MForm 4
Jul 11, 2025Shaman David R.Chief Legal OfficerSale965$56.92$54.9KForm 4
Jul 7, 2025Bentley Keith A.DirectorSale150,000$55.54$8.3MForm 4
Jul 3, 2025Shaman David R.Chief Legal OfficerSale19,156$54.98$1.1MForm 4
Jun 20, 2025Bentley Raymond B.DirectorSale122,114$50.70$6.2MForm 4
Jun 18, 2025Bentley Raymond B.DirectorSale249,689$50.64$12.6MForm 4
Jun 17, 2025Bentley Raymond B.DirectorSale273,094$50.30$13.7MForm 4
Jun 16, 2025Bentley Raymond B.DirectorSale355,103$49.96$17.7MForm 4
May 7, 2025Ballard BrockChief Revenue OfficerSale12,363$45.08$557.3KForm 4
Mar 12, 2025BENTLEY GREGORY SExecutive Chair & PresidentSale53,968$41.04$2.2MForm 4
Mar 3, 2025Ballard BrockChief Revenue OfficerSale7,684$43.26$332.4KForm 4
Jan 24, 2025Bentley Keith A.DirectorSale1,152$46.33$53.4KForm 4
Jan 2, 2025Bentley Keith A.DirectorSale69,573$46.67$3.2MForm 4
Nov 11, 2024Bentley Barry J.DirectorSale50,000$48.22$2.4MForm 4
Nov 4, 2024Bentley Barry J.DirectorSale50,000$48.80$2.4MForm 4
Oct 28, 2024Bentley Barry J.DirectorSale50,000$48.95$2.4MForm 4

All 102 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025James K. LeeChief Operating Officer46$387.9K$9.5M61
2025Gregory S. BentleyExecutive Chairperson and President$200.0K$9.3M61
2025Nicholas H. CuminsChief Executive Officer$791.6K$4.8M61
2025Werner AndreChief Financial Officer56$539.6K$2.8M61
2025David R. ShamanChief Legal Officer60$482.1K$2.5M61
2024Gregory S. BentleyExecutive Chairperson and President$200.0K$16.4M61
2024Nicholas H. CuminsChief Executive Officer$730.5K$13.5M61
2024Werner AndreChief Financial Officer56$515.4K$5.0M61
2024David R. ShamanChief Legal Officer60$466.9K$4.7M61
2023Gregory S. BentleyExecutive Chairperson and President$200.0K$19.3M61
2023Nicholas H. CuminsChief Executive Officer$633.9K$2.6M61
2023Werner AndreChief Financial Officer56$456.2K$2.2M61

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$164.0M 2008–2026
Money received by yearMoney received by year, 2008–2026: $164.0M in all. Federal contracts $164.0M.$0$5M$10M$15M2008 · Federal contracts: $7.9M20082009 · Federal contracts: $8.6M2010 · Federal contracts: $9.4M20102011 · Federal contracts: $6.6M2012 · Federal contracts: $6.9M20122013 · Federal contracts: $5.4M2014 · Federal contracts: $11.0M20142015 · Federal contracts: $7.7M2016 · Federal contracts: $8.8M20162017 · Federal contracts: $9.4M2018 · Federal contracts: $9.7M20182019 · Federal contracts: $8.2M2020 · Federal contracts: $7.6M20202021 · Federal contracts: $4.0M2022 · Federal contracts: $8.0M20222023 · Federal contracts: $10.8M2024 · Federal contracts: $10.5M20242025 · Federal contracts: $11.7M2026 · Federal contracts: $11.9M2026
Figures by year
YearFederal contractsTotal
2026$11.9M$11.9M
2025$11.7M$11.7M
2024$10.5M$10.5M
2023$10.8M$10.8M
2022$8.0M$8.0M
2021$4.0M$4.0M
2020$7.6M$7.6M
2019$8.2M$8.2M
2018$9.7M$9.7M
2017$9.4M$9.4M
2016$8.8M$8.8M
2015$7.7M$7.7M
2014$11.0M$11.0M
2013$5.4M$5.4M
2012$6.9M$6.9M
2011$6.6M$6.6M
2010$9.4M$9.4M
2009$8.6M$8.6M
2008$7.9M$7.9M

Federal awards

Obligated amounts from USAspending.gov62, by calendar year, 2008–2026, for 2 registered units, including subsidiaries under the same parent. Obligations are what agencies committed, not always what was paid out. Contracts pay for goods and services; grants, loans and direct payments are assistance. Loans are charted at the face value of the loans listed here. An award’s amount below is its lifetime total, and some began before the years charted.

Largest contracts

  1. Apr 1, 2024$8.0M from Department of the Army: Projectwise subscriptions renewal63 To BENTLEY SYSTEMS, INCORPORATED Award W912DY24F0064
  2. Apr 1, 2024$7.8M from Department of the Army: Bentley subscription licenses64 To BENTLEY SYSTEMS, INCORPORATED Award W912DY24F0071
  3. Apr 1, 2026$7.7M from Department of the Army: Usace engineering and research development center information technology laboratory through usace cehnc, has a requirement for a suite of co65 To BENTLEY SYSTEMS, INCORPORATED Award W912DY26CA028
  4. Apr 1, 2022$6.7M from Department of the Army: Projectwise subscriptions66 To BENTLEY SYSTEMS, INCORPORATED Award W912DY22F0156
  5. Dec 28, 2018$6.1M from Department of the Army: Bentley els subscription67 To BENTLEY SYSTEMS, INCORPORATED Award W912DY19F0024

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.16,067,886$480.3M0.0%−737,360
Vanguard Portfolio Management LLC9,501,795$284.0M0.0%+514,996
Norges Bank9,480,213$283.4M0.0%New
Swedbank AB9,000,000$269.0M0.2%No change
Vanguard Capital Management LLC7,116,220$212.7M0.0%+524,383
Morgan Stanley6,027,027$180.1M0.0%−62,933
William Blair Investment Management, LLC5,942,507$177.6M0.5%+2,619,784
State Street Corp5,036,633$150.5M0.0%+119,897
Arrowstreet Capital, Limited Partnership4,937,116$147.6M0.1%+155,667
Pictet Asset Management Holding SA4,367,486$130.5M0.1%−293,860
Millennium Management LLC3,517,855$105.1M0.1%+2,243,469
Geode Capital Management, LLC3,408,034$101.9M0.0%−178,865
Bank of New York Mellon Corp2,634,258$78.7M0.0%−181,417
Invesco Ltd.2,611,976$78.1M0.0%+1,354,554
Allianz Asset Management GmbH1,814,302$63.7M0.1%No change
Dimensional Fund Advisors LP2,002,104$59.8M0.0%+674,204
UBS Group AG1,813,266$54.2M0.0%−646,884
Kayne Anderson Rudnick Investment Management LLC1,798,251$53.7M0.2%−5,261,095
Goldman Sachs Group Inc1,768,231$52.9M0.0%−1,341,934
Mackenzie Financial Corp1,698,728$50.8M0.1%+1,279,853
Impax Asset Management Group plc1,657,397$49.5M0.3%−20,191
Northern Trust Corp1,462,016$43.7M0.0%−75,812
Mirova1,373,004$41.0M1.5%+115,302
Madison Asset Management, LLC1,365,230$40.8M0.5%+383,850
Woodline Partners LP1,235,513$36.9M0.1%−225,837

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Bentley Systems is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBENTLEY SYSTEMS INC2
  • CIK0001031308
  • Employer ID (EIN)95-393662319
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company19
  • Incorporated inDelaware19
  • Fiscal year endsDecember 312
  • Industry code (SIC)7372 Services-Prepackaged Software2
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance2
  • Business address685 Stockton Drive, Exton, PA 193412
  • Phone61045850002
  • Shares outstanding11,537,627 Common Class A shares; 291,357,191 Common Class B shares as of Feb 19, 202619
  • Public float$7.6B as of Jun 30, 202519
  • AuditorKPMG LLP, Philadelphia, Pennsylvania PCAOB ID 185; it also attests to the company’s internal control over financial reporting19
  • On EDGAR sinceApr 23, 20022
  • Filings906 in all: 4 (635), 144 (71), 8-K (66), 3 (22), 10-Q (18), SC 13G/A (10), CORRESP (9), SC 13G (8)2
    All 33 form types

    SCHEDULE 13G/A (8), 10-K (6), DEF 14A (6), DEFA14A (6), UPLOAD (5), ARS (4), S-1/A (4), REGDEX (3), S-1 (3), 4/A (2), 424B4 (2), DRS (2), DRS/A (2), DRSLTR (2), EFFECT (2), 3/A (1), 5 (1), 8-A12B (1), 8-K/A (1), CERT (1), RW (1), S-3ASR (1), S-8 (1), SC 13D (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Feb 26, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 10, 2026
    Latest 8-K (8-K) Sep 11, 2026

Securities registered for trading

ClassSymbolExchange
Class B Common Stock, $0.01 Par ValueBSYThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).19

Risk factors and legal proceedings

The risks Bentley Systems names in Item 1A of its 10-K filed Feb 26, 2026: 37 risks under these headings, as written.19

  • Risks Related to Our Business and Industry
  • Demand for our software is subject to volatility in our accounts’ underlying businesses, which includes infrastructure projects that typically have long timelines.
  • The majority of our revenues and an increasing percentage of our operations are attributable to operations outside the U.S., and our results of operations therefore may be materially affected by the legal, regulatory, social, political, economic, and other risks of foreign operations.
  • Decreased investment by APAC, including China, may have a negative effect on our business.
  • We are exposed to fluctuations in currency exchange rates that could negatively impact our financial results and cash flows.
  • We may not be able to increase the number of new subscription‑based accounts or cause existing accounts to renew their subscriptions, which could have a negative impact on our future revenues and results of operations.
  • Consolidation among our accounts and other enterprises in the markets in which we operate may result in a loss of business.
  • We have in the past and expect to continue in the future to seek to grow our business through acquisitions of or investments in new or complementary businesses, software, or technologies, and the failure to manage acquisitions or investments, or the failure to integrate them with our existing platform and business, could harm us.
  • Quality problems, defects, errors, failures, or vulnerabilities in our software or services could harm our reputation and adversely affect our business, financial condition, results of operations, and prospects.
  • Our business, financial condition, results of operations, and prospects may be harmed if we are unable to cross‑sell our software offerings.
  • There are significant costs and restrictions associated with the repatriation of cash from our non-U.S. operations.
  • From time to time we realign or introduce new business initiatives, including reorganizing our sales and marketing, research and development, and administrative functions; if we fail to successfully execute and manage these initiatives, our results of operations could be negatively impacted.
The other 26 risks
  • A portion of our revenues are from sales by our channel partners and we could be subject to loss or liability based on their actions.
  • We incorporate artificial intelligence and machine learning (collectively “AI” herein this item) into our software offerings, and challenges with properly managing its use could result in reputational harm, or liability, and adversely affect our operations.
  • Risks Related to Information Technology (“IT”) Systems and Intellectual Property
  • Interruptions in the availability of server systems or communications with Internet, third‑party hosting facilities or cloud‑based services, or failure to maintain the security, confidentiality, accessibility, or integrity of data stored on such systems, could harm our business or impair the delivery of our managed services.
  • If our security measures or those of our third‑party cloud data hosts, cloud computing platform providers, or third‑party service partners, are breached, and unauthorized access is obtained to an account’s data, our data or our IT systems, our services may be perceived as not being secure, accounts may curtail or stop using our services, and we may incur significant legal and financial exposure and liabilities.
  • Failure to protect our intellectual property rights could impair our ability to protect our proprietary technology and our brand.
  • Increasingly regulatory focus on privacy, data protection, cross-border data flows, and information security issues, and new and expanding laws may apply to our business and non‑compliance with such rules may limit the use and adoption of our services, adversely affect our business, or expose us to increased liability.
  • We license third‑party technologies for the development of certain software offerings, and, in some instances, we incorporate third‑party technologies, including open source software, into our software. If we fail to maintain these licenses or are unable to secure alternative licenses on reasonable terms, our business could be adversely affected.
  • Assertions by third parties of infringement or other violations by us of their intellectual property rights could result in significant costs and harm our business, financial condition, and results of operations.
  • Risks Related to Regulation and Litigation
  • Recent and potential tariffs imposed by the U.S. government or a global trade war could increase the cost of our products and services and the cost of conducting our business, which could harm our business, financial condition, and results of operations.
  • We are subject to legal proceedings and regulatory inquiries, and we may be named in additional legal proceedings or become involved in regulatory inquiries in the future, any of which may be costly, distracting to our core business and could result in an unfavorable outcome, or harm on our business, financial condition, results of operations, cash flows, or the trading price for our securities.
  • Failure to comply with the U.S. Foreign Corrupt Practices Act (“FCPA”) and similar anti‑bribery and anti‑corruption laws associated with our activities outside the U.S. could subject us to penalties and other adverse consequences.
  • We are subject to governmental sanctions compliance, and export and import controls that could impair our ability to compete in international markets or subject us to liability if we violate the controls.
  • We may face exposure to product or professional liability claims that could cause us to be liable for damages.
  • Risks Related to Our Indebtedness
  • Our credit agreement, as amended, contains restrictive covenants that may limit our operating flexibility, and certain changes in ownership of equity interests in us by the Bentley Family (Barry J. Bentley, Gregory S. Bentley, Keith A. Bentley, Raymond B. Bentley, and Richard P. Bentley, collectively (the “Bentleys”), certain other family members and trusts and other entities controlled by or primarily for the benefit of the Bentleys and their families) constitutes an event of default.
  • We may incur substantial additional debt, which could exacerbate the risks described above.
  • Servicing our debt requires a significant amount of cash, and we may not have sufficient cash flows from our business to pay our substantial debt.
  • Risks Related to Our Class B Common Stock
  • We issued convertible notes that have rights senior to our Class B common stock.
  • The accounting method for convertible debt securities that may be settled in cash, such as the 2027 Notes, could have a material effect on our reported financial condition and results of operations.
  • The conditional conversion feature of the 2027 Notes may adversely affect our financial condition and results of operations.
  • Conversion of the 2027 Notes will dilute the ownership interest of existing stockholders, including holders who had previously converted their 2027 Notes, or may otherwise depress the price of our Class B common stock.
  • The capped call transactions entered into when we issued the 2027 Notes may affect the value of our common stock.
  • The dual class structure of our common stock has the effect of concentrating voting control with the Bentley Control Group (the Bentleys and certain of their family members, trusts or other permitted transferees, as well as all other holders of our Class A common stock in respect of such shares of Class A common stock, who collectively are acting as a group).
  • The choice of forum provision in our amended and restated certificate of incorporation could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or colleagues.
  • General Risk Factors
  • Global economic and political conditions may negatively impact our business, financial condition, results of operations, and cash flows.
  • Changes in existing financial accounting standards or practices, or taxation rules or practices may adversely affect our results of operations.
  • If our goodwill or amortizable intangible assets become impaired, then we could be required to record a significant charge to earnings.

Legal proceedings

We are subject from time to time to various legal proceedings and claims which arise in the ordinary course of our business. Although the outcome of these and other claims cannot be predicted with certainty, we do not believe that the ultimate resolution of pending matters will have a material adverse effect on our financial condition, results of operations, or cash flows. We currently believe that we do not have any material litigation pending against us.

The opening of Item 3, Legal Proceedings.19

Sources

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